Arden boosted by late corporate deals

AIM-quoted broker Arden Partners reported a loss in the year to October 2010 but it is still making an underlying profit. A couple of significant fundraisings late in the period helped to grow corporate finance revenues but secondary share trading income fell by 29%. Overall revenues were flat at £13m but there was a swing from a profit of £1.52m to a loss of £512,000. Stripping out share based payments of £1.08m, up from £702,000 the previous year, Arden was profitable. There were also restructuring costs of around £700,000 in the period following the departure of the chief executive Jeremy Grime. The underlying profit was £1.3m, down from £2.2m. Arden intends to refocus its business on its core UK sectors and India. Chief executive Jonathan Keeling is focusing on the Indian opportunities. Last month, Arden raised £6.8m for Hardy Oil & Gas.Net cash dipped to £9m at the end of October 2010 but the financial position remains comfortable. After the year end, Arden spent £947,000 on buying back shares.